What can I do if my partner won’t support me investing in HMOs?

My son Tom is ten years old, and for Christmas last year he got a magic set. He spent the first few days learning all the tricks in the box so that he could amaze all the family with his skills. A few weeks later and there are really only about three tricks that he’s remembered but he’s already close to auditioning for the magic circle. He can summon up these tricks at will, and all he needs is a pack of cards and a one pound coin.

Isn’t it great when you discover something new and exciting? When you learn a new trick, or a new approach? Especially when it’s something that will really help your family like learning how to make money or how to invest in property.

When I learned all about HMOs and realised the amazing cashflow I could make in comparison to my single buy-to-lets I was gobsmacked. I just KNEW that by hook or by crook, I HAD to get into HMOs. My nice little portfolio of buy-to-lets was never gonna make me enough money to leave my job. I just wasn’t making enough money.

So I was committed to getting into HMOs. I was certain. I knew that the way ahead was HMOs. There was just one problem. My problem wasn’t money, it wasn’t time. It was my Darling Husband, Andy! Love him to bits, but cautious? Sheesh, he redefines the meaning of the word. He was SOOOO uncertain it was untrue!! “But what if it doesn’t work, what if we can’t get tenants, what if we run out of money?” he said, his voice laden with doubts.

Ever heard those things from your partner? Or ever thought those thoughts too? Andy was exactly the same.

What I wondered was whether I could ever make this plan work without my husband’s backing. There were risks in going it alone, and I wasn’t sure that I was ready to risk my marriage for money. Deep down I needed to know that he was at least ok with me investing in HMOs, even if he wasn’t willing to do any of the work.

If you’re finding that your partner is less than enthusiastic about your new-found desire to create HMO magic, I might be able to help you.

  1. Don’t rush it. You’ve had more time to let your ideas and your new-found enthusiasm settle than your partner has. He/ she is way behind you in their thinking. They need to learn for themselves. The one way to put someone off something fast is to impose your ideas too fast, too forcibly.
  2. Make time to discuss your ideas. If your partner refuses to listen, ask them if they would allow you 30 minutes to explain your ideas and why you want to invest, without them interrupting or arguing with you. Then you give them 30 minutes to explain why they have misgivings. Then take 15 minutes to calmly discuss your feelings together. After you’ve each shared, leave the discussion for 24 hours. This takes discipline and commitment, but will let your partner see that you are as committed to them as you are to the whole idea of investing in HMOs
  3. Show them you’ve considered their objections by writing out a clear plan. In my experience, people who are cautious tend to be people who like clarity and structure. With a written plan and some thought behind it, your partner may well realise you are serious and have thought about the risks. This alone can shift their mindset.
  4. Accept that your partner’s objections could strengthen your business. Take them seriously and consider whether their reasons have weight. You might realise that if you work on addressing their objections, you could have a stronger business as a result.
  5. Don’t give up on your dream to practice HMO magic. If you are in the right relationship and your partner really respects and loves you, your persistence will pay off.

 

After a few weeks of doing none of the above and frankly nagging Andy to death, he made an excellent suggestion. Being an IT geek, he was used to launching new projects as ‘beta’ projects – trial ones that tested the core idea to see if it would work.

So we agreed that I would launch a ‘beta’ HMO – a trial small four bed HMO. It was the best way to test my idea out and see if it would work, with little risk. It made me happy and it satisfied Andy’s aversion to risk.

Thankfully the project was a huge success, and soon afterwards I could really press on with my goal to create enough HMOs to achieve financial freedom. Our marriage not only stayed intact, but was made stronger as a result.

You can create a magical income from HMOs and you can do it with your partner’s support if you are patient and kind. You never know, in future, they will probably thank you for it.

 

What school didn’t teach you!

Was school this much fun?

When I was at secondary school it has to be said that if they’d done ‘A’ levels in Boys, Parties and Nightclubs, I would have got three A*s. Unfortunately they didn’t, so I didn’t get those results either. In fact I really spectacularly failed to achieve what I was capable of in the subjects I chose which were English, Biology and French.

Why was this? Well I wasn’t really interested in them. I had better things to do with my time! I saw little purpose in them long-term and they were mostly theoretical.

I think many people who become property investors have had similar experiences to me, and find themselves having a hard time breaking through the belief that they are not clever enough, not good enough or not talented enough to do property. I wrestled with that too. Until I realised that education in the property world is very different.

For a start it requires you to take RISKS. There is no certainty that you will get the outcome you want. In fact you need to have the mindset of growth and learning at all times to manage this fear of failure. Secondly it takes COURAGE – you  have to put your money, your time, even your reputation on the line. People may scoff, ridicule or undermine you and you have to find the courage to believe in yourself. Thirdly you have to take practical ACTION. Theory is all very well but until you put your learning on the line, you will never become a real investor.

In fact, in contrast to what you learn at school, property requires COLLABORATION not competition, and there are no tests to pass except the ones you set yourself. It is about intrinsic not external motivation, and there is no-one who will judge your achievements based on a set of rules. So that should make us all really motivated to do property right?!

WRONG! Because our ‘school mindset’ is so deeply embedded within us, it’s really hard to let go of it! Having the right mindset and the right skillset is VITAL so that you do not get upset (as one of my mentors once taught me).

I know that if you are interested in HMOs (Houses of Multiple Occupation) as a way of making £1000 profit per property per month, you will probably have lots of questions and rightly so! You need to be educated to make this strategy work for you. But you need to be educated RIGHT by someone who has done it and got the experience.

I started to invest in HMOs just over 5 years ago, and after just 2 and a half years set myself and my husband free from our day jobs! YAAY! We have over 100 HMO rooms now and it gives us the income to do what WE want with our time, not what someone else tells us to do!

Which is why on SATURDAY 21ST JULY IN LONDON I will be spending time on YOUR mindset AND your skillset! That’s if you will let me ….

www.hmoprofitsecrets.co.uk

is coming to LONDON on 21st July. The workshop is completely FREE to attend and you can choose a morning or an afternoon session.

Not only will you learn exactly how to invest in HMOs – how to find them, plan them out and make them work efficiently, you will also learn how to have the right MINDSET to attract investors, to grow your business and to become financially free.

BOOK HERE!

If you are SCARED, SLOW OR STUCK then you need this event to help you become BRISK, BOLD AND BRAVE!

I look forward to seeing you there – tickets are limited so please make sure you reserve your space immediately to ensure you get a seat!

To your HMO success

Wendy

Can you really future-proof your HMO?

You will have heard me talk about ‘Future Proofing’ your investment as the fifth part of the process of creating a high income-producing HMO. Can you really do this though? Quality HMO

 

What about all the CHANGES that Government makes continually to legislation, policy, rules? How can you protect yourself against these changes and ensure that you are investing for NOW and in the FUTURE? It’s easy to look back and think how fortunate investors were years ago. No limits to the amount of interest they could claim on their mortgage; few limits on mortgage borrowing (even the riskiest of investors could borrow up to 95% LTV back then); limited HMO legislation and much more relaxed rules about housing standards. Ah, the rose-tinted specs of property investing.

 

True? Yes! But was that the shiny penny we all think it was? NO! In those days it was far easier to get into insurmountable debt and repossession was rife! You could own masses of property but not be making any real income as interest rates were far higher. Spareroom, RightMove etc were all in their infancy so you would spend FAR more on advertising (I remember lots of weekly ads in the local paper for example), and HMO rooms were badly thought of back then so it was not a great strategy (unless you were in the student market).

 

So we can all look and think that THEN was better than NOW. The truth is it was DIFFERENT! Not better, not worse!

 

With that in mind, how CAN you future-proof your investment and ensure your HMO continues to produce cash each month for you (and your investors)? Here are my 7 tips –

 

1) Always do a quality refurb to start with. If you scrimp and save on this part, you will regret it later! Ensure you do a detailed specification of works, have a clear project plan for your builder and stick to time and budget.

2)  Make sure the acoustic and fire requirements are met on your HMO before you finish it and snag it. Councils are bringing in more and more safety regulation so you need to be at the front of the curve here.

3) Keep up with the trends in technology and interior design. We fitted CAT6 cabling to many of our HMOs – not a great extra cost, but it is a massive benefit to tenants trying to log on to the wifi. Buy ‘Homes and Gardens’ once in a while and see what other people are doing in design trends. Borrow their ideas and use them to upgrade and cheaply furnish your rooms.

4) Schedule an annual Spring Clean to replace old cutlery, glassware, doormats. All the things that get grubby and soiled and make the place look a mess! It doesn’t cost much but it helps to keep the place updated, clean and tidy.

5) Develop a brand – what are you known for? What is your speciality? What is your USP? Even if you are using an agent, what is it about YOUR HMO that people particularly like? Ensure you highlight these things in your advertising.

6) Stay up to date with legislation changes so you can implement them when the time is right – the best way is to be a member of the RLA or NLA. They produce regular updates and you can go to their websites to find out more. Also, you can register with your local council to be an accredited landlord and go to their (boring but useful) meetings. You never know you might meet a tired landlord with whom you can do business there!

7) Understand the needs of your tenants and get to know them – what are the changes they are responding to in the marketplace and how can you meet those changes? Can you add in additional services or offers that will help them to stay and pay?

 

I would LOVE to know what your ideas are! Please share them here in the comments below!

 

To your growth

 

Wendy

How are you going to make the remaining weeks of 2017 count?

Where did 2017 go? Do you realise there aren’t many weeks left? 

 

Have you got goals that you haven’t reached? Ideas that didn’t formulate into a plan? Strategies that never took off?

 

Is it too late to do anything about this? Am I asking too many questions? (lol)

 

Now is your time to SPRINT into 2018 by making this last sixth of 2017 really count – if you haven’t got a PLAN – write one. If you haven’t found a STRATEGY – decide to go for it anyway. If you haven’t clarified your GOALS – do it NOW. Do you want to raise £100k for 2 HMOs? Do you want to find 6 cash-flowing deals that you can source and sell on? Do you want to lose 6lbs in weight? Do you want to increase your income by £2k per month? Don’t start by thinking these things are impossible. Start by writing your goals and making a plan. Then you need to activate those things on your plan by assigning times to them, deadlines and how you will stay accountable.

 

Take 30 minutes TODAY (even if it has to be at 10pm tonight) and sort out the last few weeks of this year to be BIG.

 

Yes it will require you to give up lots of things – TV, socialising, shopping, drifting, wasting time! Instead, you will need discipline, focus, commitment, determination. You will need to take MASSIVE action. But not only will it pay off this year, you will SPRINT into 2018 ready to go for it! So what are you going to do? What are you waiting for?

 

 

A great idea that I found online: Deep-clean your social media.

Over the remaining weeks, focus on upgrading the quality—not always the quantity—of your online communities. Strive to fill your screens only with content that inspires and motivates you to become a better version of yourself. Follow people and companies who post positive, encouraging messages, and unfollow any individuals or groups that aren’t conducive to your goals. Over the two-month period, you should start to notice a more constructive and motivating online environment.

 

To your growth!

Wendy

Tenanting without Tears – How to fill your HMO rooms!

For many property investors, the excitement of investing in a House of Multiple Occupation (HMO) consists of finding the right property, buying it and then refurbishing it to just the right standard – just enough to attract tenants but not too much so that you blow the budget.

Many property courses focus on sourcing and refurbishment of a property, but if you can’t fill your rooms the investment falls apart.

Often you might use a lettings agent to rent out your property, saving you the time and hassle of finding the right tenants. Many agents are not familiar with the unique configuration of HMOs and if this is your first HMO you will need to start to look for an agent quite early on to ensure you choose one who is experienced at letting HMO rooms.Finding tenets for HMO rooms

Alternatively, you might choose to let and manage the property yourself. Which route you choose will depend on a number of factors such as:

a) How close you live to the property
b) How large the property is
c) Whether it is licensed or not
d) Whether you plan to grow the lettings side of your business
e) How much time you have
f) Whether you want to do it!

 

It’s important to have a process which will help you FIND the right tenants, SCREEN the right tenants, KEEP the right tenants and enable you to turn your rooms round quickly at the end of the tenancy for the process to begin all over again! I’ve named the process ‘‘Tenanting without Tears’, a process refined over my many years of managing my own property portfolio. There isn’t many situations I’ve not experienced over the years!

 

FINDING TENANTS
There are five steps to finding tenants:

1. PREPARING

Present the house and rooms in an appealing way by dressing and staging them beforehand
Price the rooms according to value, size and amenities
Photograph and video all the rooms in the property for all advertising portals you’ll use
Prepare all the information you’ll need for the viewings

If you prepare thoroughly for letting a room this will save you lots of time and effort later trying to recapture the same information and will form the basis of future room rentals which will allow you to leverage your time from the get-go.

2. ADVERTISING

Create your advert. Use the acronym AIDA to formulate your advert –
 Attention
 Interest
 Desire
 Action
You will spark the interest of a potential tenant by using a great strapline or unusual feature in your advert. Keep their interest with an appealing and well-written advert. Increase their desire by describing how they will benefit from living in this property and then create a call
to action to encourage them to respond.

3. VIEWING

In order to rent a room quickly, you have to reply to requests for viewings fast and promptly. As soon as you have interest from a prospective tenant, call them to arrange a time to view. Take their name, mobile phone number and email if possible. On this call ascertain the timeframe
for their move, their budget and their occupation. Once you have a time and date agreed, note this in your diary and include the telephone number of the person. When you carry out viewings you are ascertaining whether the tenant is right for you as well as if they want to rent a room from you.

4. SECURING

If the tenant decides to take the room you need to take some form of payment to secure the room and remove it from any further advertising. You may wish to email them a receipt as confirmation and also confirmation of the tenancy. At this point take their personal details
such as name, current address, telephone number and email; their job and salary details; the details of referees and in what capacity are they known by the referee; and information about identification being provided.

5. MOVING IN

After all paperwork has been completed, spend some time explaining to the tenant what is required from them and what the rules and regulations are. Explain what they should do in the event of an emergency and your office opening hours.
Courtesy Call – A week after your new tenant has moved in call them, email them or text them to ask how everything has gone and check that they are settling in well. Any problems can be ironed out faster and any teething problems dealt with. You can reiterate your commitment to the standards they can expect (and outline your office hours too)!

6. MOVING OUT

When a tenant gives you their notice to leave, there are some simple steps to follow to ensure the move-out happens swiftly and smoothly and to ensure you have no hiccups and don’t face major maintenance issues.

 

To see the full version of ‘Tenanting without Tears’  and more of my easy to use suggestions for creating a high cash-flowing HMO business in my best selling book ‘101 Essential Tips for Running a Professional HMO – Giving you time, money and freedom’.
Currently available for Free (Just pay P&P). Visit http://www.101essentialtips.co.uk/ to claim your copy!

My Top 5 Success Tips For The HMO Property Investor

7 Bed HMO in Stoke on TrentIf you have just started in HMOs you need to get off on the right footing! Here are some key tips on making you HMO work for you:

 

  1. Make sure you know the complete cost of the project before you begin. Always add in a contingency figure (5% on anything over 120k).
  2. Calculate the predicted ROI (Return on Investment) and if it’s likely to be less than 15% DON’T DO IT. You can get faster, cheaper returns by investing in other assets.
  3. Do the Spareroom numbers: if there are any more than 3:1 rooms available to tenants looking, NOW is NOT the time to buy in that area. Too much supply.
  4. Create your Key Performance Indicators (KPIs) at the start, middle and end of the project. You will invariably change what you want to measure but your KPIs will probably include: monthly rental (predicted); monthly rental (actual); occupancy, advertising costs; length of voids; maintenance spend; time spent on business.
  5. Ensure you  (or your accountant) create a Profit and Loss statement that you analyse monthly.  Even if you just have one HMO this will keep you on track and get you to drill down into minimising costs and maximising income.

 

If you implement these first five steps in your first project you’ll start off brilliantly well! You now have the foundation to scale and grow.

To your success!

 

To take your knowledge to the next level, join my new 1-day Fast Track Course on the 14th October! Learn more.

Buy to let is dead. Right?

Well, maybe Buy to Let in its traditional form is dead! Certainly buying in your own name, putting down a reasonable deposit and then a few months or years later refinancing all of your money out is something fewer and fewer investors want to do now. We have George Osborne to thank for that.

Investing in Buy to Let has seen a huge amount of change in the last few years, with new legislation that impacts financing, as well as property tax changes which, has left many landlords questioning if Buy to Let is still a viable investment strategy. With that said there is still a huge demand for rental property and with ever increasing ‘transient’ lifestyles people want flexibility, gone are the days when people what to live in the same house for 40 years!

Our first HMOIf you have been wondering what is the alternative, and how you can make your money work for you, I’d like to suggest House of Multiple Occupation are one way you can address this problem. We hold a number of personal B-T-L properties but a few years ago realised that there were other strategies we could use. When I discovered HMOs I raved on and on about them (in only the way a demanding wife knows how to do) and eventually Andy said ‘OK, let’s give it a go’. That was our very first 4-bed Mini-Mo and since then we have not looked back!

If you don’t have much money to invest, or you are concerned about whether this strategy will work for you, then I’d like to invite you to my NEW and IMPROVED HMO Fast-Track Live Event on 14th October in Birmingham. I’ll be sharing with you how to get started with very little of your own money and LOADS of case studies about how you can make huge profits and BEAT THE TAXMAN!

In this jam-packed and interactive workshop, you will learn how to:

  • ANALYSE an area to invest in for long-term cash flow and growth
  • UNDERSTAND the process of a refurb to create a wonderful HMO home
  • SELL rooms effectively so you avoid voids!
  • MANAGE the investment so it becomes HANDS-FREE
  • LEVERAGE your time so you can rinse and repeat!

 

With a mixture of fun, interactive exercises & relevant examples of REAL HMOs, I will share my tried and tested systems to ensure you grow your flow with HMOs. So are you ready to go on your own HMO adventure?

YES PLEASE RESERVE ME PLACE!

 

What school didn’t teach you!

When I was at secondary school it has to be said that if they’d done ‘A’ levels in Boys, Parties and Nightclubs, I would have got three A*s. Unfortunately they didn’t, so I didn’t get those results either. In fact, I really spectacularly failed to achieve what I was capable of in the subjects I chose.

 

School boy

Why was this? Well I wasn’t really interested in them. I had better things to do with my time! I saw little purpose in them long-term and they were mostly theoretical.

 

I think many people who become investors have had similar experiences to me, and find themselves having a hard time breaking through the belief that they are not clever enough, not good enough or not talented enough to do property. I wrestled with that too. Until I realised that education in the property world is very different.

 

For a start it requires you to take RISKS. There is no certainty that you will get the outcome you want. In fact you need to have the mindset of growth and learning at all times to manage this fear of failure. Secondly, it takes COURAGE – you have to put your money, your time, even your reputation on the line. People may scoff, ridicule or undermine you and you have to find the courage to believe in yourself. Thirdly you have to take practical ACTION. The theory is all very well but until you put your learning on the line, you will never become a real investor.

 

Having the right mindset and the right skill set is VITAL so that you do not get upset (as one of my mentors once taught me)! Which is why next Sunday I will be spending time on YOUR mindset AND your skillset! That’s if you will let me ….

 

You see next Sunday I’m launching a BRAND New event – HMO Fast Track LIVE. Not only will you learn exactly how to invest in HMOs – how to find them, plan them out and make them work efficiently, you will also learn how to have the right MINDSET to attract investors, to grow your business and to become financially free.

 

BOOK NOW

 

If you are SCARED, SLOW OR STUCK then you need this event to help you become BRISK, BOLD AND BRAVE!

I look forward to seeing you there – if you have any questions please do not hesitate to get in touch!

To your success! 

 

P.S. Look out for my free webinar training on the 20th September:

The 5 Most Powerful Questions you Should Ask an Estate Agent… and Why They Matter!

 

What is MY why?

When I first started investing in property (in 1996  – yes I was only 3 years old – lol!) my aim was to create a pension. I was a stay-at-home mum with two boys and knew that I needed to start thinking about the long-term, even though retirement was a long way off. I had no idea whether I would buy other properties or not, but after the success of the first one, I really wanted at least one more so each of my sons would inherit one property.

After I had about six single buy-to-let properties I began to ask whether I really did want or need anymore. After all, I had more than enough for the boys (and by then my children had doubled in number), and  I stood back and realised I had achieved my goal – to provide something for my retirement and also a legacy for my children.

Why you do what you do

So why carry on?

The real question I was asking myself was ‘WHY carry on investing’? ‘What is the REAL reason to invest’? Was it for a future legacy as I had first imagined? Or had my WHY changed?

I came to acknowledge that I wanted more from property. I saw others who had made a living from it – a lifestyle not just a legacy. And the benefits of that kind of life seemed obvious to me: more time with the family, more flexibility to spend my time as I wanted to, and fulfillment knowing I was giving back to society.

So in effect I started again in 2012. But this time with HMOs. And this time, for cashflow not just capital growth. And in two and a half short years, we as a family were financially free!

 

I’m sure you know your WHY too. Just as I did, if you want to change your life, create cashflow and be financially free you need to do what others won’t to have what others can’t.

Therefore, I would like to give you the opportunity to make that happen. It won’t always be easy, it won’t always be plain sailing and I’m sure you will hit obstacles along the way. To save you time and money it’s so important that you learn the fast way, the short-cuts, the tricks of the trade. You need to learn from someone who’s done it and can show you each step of the way how to make it happen.

You need to see how possible it is for YOU no matter what your situation.

I’d like to invite you a very special one-day event called ‘HMO FAST TRACK LIVE’. It’s my brand new event focused on learning all about HMOs, but where you’ll also have a mindset shift to realise this is not just a dream – this is possible – and it’s possible for YOU!

 

I’m thrilled to be working with Adam Cooper – an investor, Joint Venture partner, and HMO expert based in Peterborough, and together we’ll be hosting the event. You’ll be able to ask us lots of questions, learn all about the deals we’ve done, and best of all find out how just FOUR HMOs can make you financially free.

Find out more below and reserve your space now!

https://hmosuccess.lpages.co/hmo-fast-track-live/

 

Taro Nabetani, professional investor

The Insider Guide to Using Spareroom

*This article first appeared in HMO Magazine - The Go-To Magazine for HMO Landlords,
 Investors and Developers

Knowing how to get your goods to market is vital if your business is going to succeed, and this is no exception when it comes to renting rooms. When Spareroom (the UK’s largest flat-sharing website) was launched, it changed the landscape for HMO property investors overnight. There is an argument that it enabled the sector (particularly professional HMOs) to grow exponentially as it allowed landlords and investors to have an immediate and interactive presence on the internet. Even if they had no website, marketing strategy or smartphone, the power of Spareroom was that it removed the pain of advertising for landlords, placing any room directly in front of a willing and ready buying audience.

Spareroom website screenshot.
https://www.spareroom.co.uk/

Since its inception in 2004 Spareroom has continued to be top of the room-renting listings portals and has developed additional features and benefits for both tenants and landlords. There are a number of aspects of which you may not be aware, and in this post, I want to share some of those functions which may help you reduce room voids and increase your profits – particularly if you are not familiar with some of the newer and more dynamic features of the site.

Reduce room voids and increase your profits

Spareroom is an online environment which changes daily. It is a site where prospective tenants and aspiring landlords create profiles and upload photos and videos with ease.  They get over 2 million visitors every month – that’s 11 times the circulation of the Guardian. Much like online dating, there are constant matches, suggestions and recommendations being made to tenants and landlords. Unless you are aware of the speed at which the site can change, you will probably miss out on potential tenants who could be ideally suited to your property.

Be active not passive

Unlike many marketplaces where you cannot see your customer, Spareroom helps connect you directly to people who may be interested in renting a room. In a busy marketplace where choice abounds and there are a number of good looking rooms to choose from, what sets you apart from the rest? Research tells us that tenants prefer to rent from private landlords or people that they feel they can connect with, and who they feel care about them. They don’t like to be treated just like a number (well who does)? They also stay longer in properties where the landlord takes maintenance, customer care and service seriously and puts tenants’ needs first. So rather than waiting for prospective tenants to contact you, you can carry out a search for your ideal tenants on ‘Rooms wanted’ by typing in your chosen location (i.e. the location of your HMO). This will bring up a list of people who are looking to rent in your area, along with their budget. Send them a friendly message, inviting them to arrange a viewing of your property (along with a link to the advert). This also allows you to decide on people who look like a good fit with your property and ensure they meet your requirements. The personal invitation to view is a great way to demonstrate your proactivity. Make sure you read their preferences first though otherwise it won’t look as if you really care if they’ve stated they want a large double ensuite room and all you have to offer is a single with a shared bathroom!

 

Statistics and measurement

One of my maxims in life is ‘Treasure what you measure and measure what you treasure’! If renting your rooms is valuable to you then it’s crucial to know how that well-crafted and beautifully photographed advert is performing (and if it’s neither of these please see below for further help and advice)! When you log into your account go to your advert management page (where all your ads are listed  – called ‘My Placed Ads’). Halfway down you will see a small box named ‘Featured Ads’ and there is a clickable link- ‘Settings and statistics’ which shows the number of times your advert has been seen and clicked on in the previous week (or chosen period of time). One of the key components in keeping your advert at the top of the listings is how often you edit it, and how many click throughs you receive. Keep your advert fresh by occasional edits, changes and re-wordings. Ensure the photos show your rooms off to the best possible standards and please, please, please dress for success! Above all, don’t let your advert languish. Otherwise your clickthrough rate will rapidly diminish and you’ll end up on page 9. Where no-one goes …

If you are still struggling to get enough views of your advert, here is a brief explanation of the ways to upgrade and boost your chances even more:

 

Advertising Upgrades

Three additional services that you can upgrade to are:

  • Early Bird
  • Bold Advertising
  • Featured Advertising

 

Early Bird status allows all new prospective tenants to see your advert as soon as they log in or create their profile. [Named Early Birds by dint of paying extra to see new adverts first. It doesn’t mean they are early risers – please don’t confuse the two]. If you have not paid for Early Bird status it will be a few days before your advert is placed before new tenants, losing you time and valuable viewing opportunities.

Bold Advertising enables your ad to be displayed with a lovely blue border around it this differentiating it from the standard grey border, and enhancing the placement of the listing.

For these services you can pay for a monthly, 3-monthly, or annual fee for a defined number of property adverts. If you wish to add further properties to the Bold Advertising pass this is possible too. Usually, Early Bird and Bold Advertising are purchased together.

Featured Ad status is a pay-per-click service. This works on the basis of a bid price which is calculated by Spareroom’s internal algorithm. It takes into account the number of rooms available in your locality, the level of competition for top advertising space, and the number of potential matches for your advert. As I mentioned earlier, Spareroom is a dynamic advertising environment which means that there can be rapid transactions taking place simultaneously. You can find that one day the cost to place your room advert at number one position is 80p and then a week later, £1.20. To understand the way Featured Ad status works and how to get to number one position, you need to go to ‘My Featured Ad’ page (which you get to by clicking on ‘Settings and stats’)  accounts management page and click the tab named ‘Rankings’. Here you will be able to assess the current ranked status of your advert and decide how much you are willing to pay to be at number one in the rankings.  You can then decide how much to pay for the privilege of number one position by going to ‘Individual Ad Bids’ (on the same page).

 

It is worth considering Featured Ad status if you have one particular room that you’re finding hard to shift. Avoid having a number of adverts all featured at once, or you’ll find you are bidding against yourself and then having the difficult choice of which one to prioritise.

Otherwise, remember the tips above to keep your advert fresh and current to raise enough interest to rent your room.

 

Information and advice

Spare room recognises that the site has many facets and if you are new to online advertising you may need some additional advice and help. If you click on the ‘Info and advice’ tab in the top right-hand corner of the site you can gain further access to useful information and examples about how to improve your advert, how to create a video, how to describe your room, how to market your property effectively, and much more.

 

Spareroom is a marvellous resource if you know how to use it. But it can be overwhelming and confusing too! For a free webinar with further information about ‘How to Harness the Power of Spareroom’ please visit my website www.hmosuccess.co.uk and register with your name and email address.

Free webinar insider guide to Spareroom
Free webinar insider guide to Spareroom, register now!